Grayscale says Hyperliquid could become a ‘financial services juggernaut’
Hyperliquid has evolved from a crypto perpetual futures exchange into a broader blockchain-based financial infrastructure platform. Grayscale says it generated about $800 million in revenue in 2025, processed roughly $2.9 trillion in perpetual futures volume, and now has about $7 billion in open interest. The platform is gaining share in crypto perps, a market averaging about $200 billion in daily volume, while competing with centralized exchanges like Binance and Bybit through self-custody and onchain transparency. Its scope is expanding beyond crypto trading via HIP-3 and HIP-4, which support tokenized equities, commodities, prediction markets, and other round-the-clock venues. FalconX similarly sees it starting to compete with CME and prediction market operators. Regulation remains the key risk: Hyperliquid blocks U.S. users, but analysts think clearer rules could eventually allow regulated perpetual-style products in the U.S. The HYPE token is still volatile, and future growth depends heavily on regulatory developments.
